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Thursday, May 10, 2012

CRITICAL STEPS TO UNDERSTANDING AND RESOLVING CARDHOLDER PROBLEMS AND COMPLAINTS

Michael Beird, Director, Banking Services, J.D. POWER AND ASSOCIATES

Research shows that the incidence of customer problems has continuously declined year-over-year since 2009, according to J.D. Power’s Credit Card Satisfaction Study. The challenge for issuers, however, is that for those customers who do have a problem, successful problem resolution represents 37% of overall satisfaction, dwarfing other aspects of their relationship in areas such as online interaction, product terms and benefits. Consequently, the rapid and direct resolution of problems and complaints has become a high priority for issuers. In a similar vein, the CFPB complaints data tends to be influenced by how problems are handled by the issuer.

Session attendees will:

Understand what problems occur most often and have the greatest impact on satisfaction based on J.D. Power research

Hear about the CFPB complaints process and how complaints get handled by the Bureau